Winnebago Industries Posts Wider 4Q Loss

FOREST CITY, Iowa (AP) — Winnebago Industries Inc. said Thursday its fourth-quarter loss widened as the nation's top motor home maker struggled with falling deliveries and promotional pricing and said customers are still having a hard time getting financing.

But the company said dealer inventories are very close to reaching bottom, and expects dealers will soon need to start replenishing stock. Winnebago said its sales order backlog climbed 58 percent during the quarter, suggesting a recovery may be beginning. That news sent the company's shares up $1.96, or 13.7 percent, to $16.32 in morning trading.

The Forest City, Iowa-based company said it lost $50.2 million, or $1.73 per share, compared with a loss of $12.7 million, or 44 cents per share, in the same quarter last year.

Excluding a charge of $1.41 per share related to a tax allowance, Winnebago would have posted a loss for the latest quarter of 19 cents per share. On that basis, results topped expectations of analysts polled by Thomson Reuters, who had forecast a larger adjusted loss of 29 cents per share.

Revenue for the quarter ended Aug. 29 was $59.5 million, down 30 percent from $85.3 million for the fourth quarter of 2008.